The Meaning of Wealth

Mutumwa Mawere recently addressed the Nigerian diaspora he stated:

...There are countless examples of African entrepreneurs and professionals who have substantial amounts of money in Africa but it is evident that the prosperity has not been democratized to the extent of creating an African ownership class able to take the continent’s majority into a new and dynamically positive direction underpinned by new values of work, combined with saving, investment and an ownership mentality. It is also important to underscore that there is a distinction between being “rich” and being “wealthy”.
Yes, some Africans have made money but because financial literacy and “platinum rights” was not stressed as much as a sense of public justice and civil rights were by our founding fathers and we did not keep it (the money) and we certainly we did not grow it.
Many have made money but no one has really taught us how to keep it in our communities.
Imagine, after 13 years of South Africa’s democratic dispensation, we still do not have a new mutual for blacks? No one taught us about financial literacy and the basic tenets of a free enterprise system that appears universally to capture the imagination of many progressive and successful nations.
The challenge of understanding the free-enterprise system and making it work for the majority of Africans has to become a core part of any conversation among Africans concerned about wealth creation and creating sustainable wealth addresses for Africans. Most of our wealth addresses are not assignable and transferable let alone from one African generation to the next.
Any successful nation building enterprise must necessarily be sustained by a healthy, robust and growing tax base and not foreign aid. Africa’s post colonial budgets still remain principally funded by bilateral and multilateral sources of finance.
Africa must create its own dominant class of very successful entrepreneurs, at all levels. We should have our own wealth builders and not become a continent specialized in distributing other people’s wealth.
As we approach the 47th birthday of Nigeria, we must focus on converting ourselves from cash economy customers into banking (our own banks), tenants into homeowners, small business dreamers into small, medium and large scale business owners, minimum wage workers into living wage workers, economically illiterate into economically empowered citizens.
Many of us are consumed with directionless conversations that are primarily focused on what governments can do for us and not what we can go for ourselves. We tend to be good at being against something and not for something.
Literacy can be a sustainable instrument for poverty eradication. They often say that when you know better, you tend to do better.
Any when Africans know better, I have no doubt that we can transform ourselves from islands of affluence to oceans of hope and prosperity. We have not invested much in literacy and integrated the literacy challenge in our post colonial agendas.

Any nation is as good as the interests that inform it. The only power we have as Africans in any field on endeavor whether it is in politics or the wealth game is the power to organize ourselves. One hand cannot clap but two hands can surely make a noise.
Why then is it the case that we have not been able to use our collective spent to our advantage? Many of our African governments have benefited from the financial illiteracy of Africa’s intellectuals. Africa has invested in human capital and yet such investment has not been able to provide any leadership on the bread and butter issues.
Surely, it is evident to all of us that any consolidation of our pain and opportunities can create a critical mass that is missing in action. Imagine if all Nigerians resident in South Africa could consolidate their mobile phone expenses into one pool, how much impact would they have in the South African economy.
Equally, if all Zimbabweans resident in South Africa chose to use one bank, how much would that bank be worth? Even the obvious things that Africa needs to do are not so obvious to our leaders.
I think it is self evident that the poor need the rich in as much as the rich need the poor. Can you imagine a nation of only poor people with the same means and possibilities? On the key ideological questions, we have heard many people argue that a free enterprise system is not suited for Africa and many of our governments in Africa have perfected the skill of creating ideological and theoretical entrepreneurs/bureaucrats without asking the question whether in fact if all the rich people were eliminated, Africa would be any better.
The post colonial experience has confused many of us to the extent that we are now looking for intelligent leaders to govern us when leadership may have little to do with intelligence. Even in a family, it would not be normal for all the children to be the same. Those who do well in one generation inspire the next generation to do better.

Is Africa’s future safe with a system where the state thinks for its citizens or where the citizens think for themselves and act in their own self interest? Many believe that governments (created by the same citizens) can and should be expected to lead the anti-poverty crusade and yet human history has not given us any good examples of governments acting in the interests of citizens who are not in government.

We must take ownership of our destinies and we must be the change that we want to see in the continent. No one else is going to do it for us. We must sell ourselves as worthy of investment and we must change our attitudes because in the final analysis, our attitude to wealth determines our altitude.

Anyone can make money in a growing economy than can be stolen in a decaying and dysfunctional system. If we look at Africa’s unmet needs, then we can appreciate the possibilities that exist in the continent and yet we think and act in a fragmented and confused manner. Those who should ordinarily lead appear to be visionless preferring to focus on yesterday (which is gone) and not on actions that create a better Africa.
Before we can think of creating an African pool of wealth, we need to understand the meaning of wealth. Wealth has come to mean an abundance of items of economic vale or the state of controlling or possessing such items and encompasses money, real estate and any personal property.
In many countries wealth is also measured by reference to access to essential services such as health care or the possession of crops or livestock. Accordingly, an individual who has accumulated wealth relative to others is often described as wealthy.
Therefore, wealth refers to some accumulation of resources. In light of the above, Africa is not recognized as a wealthy continent because of the inferior relationship between the majority of us and items of economic value. We are generally challenged in the resource accumulation enterprise...